This report examines the effects of the Yemeni operations in their early phases before the fourth phase begins, which is expected to have widespread effects in the coming weeks.
According to the newspaper, the Eilat port was experiencing a severe shortage in storage areas on the eve of the war. As a result, port areas were rented at Ramon Airport, Timna, Yotvata, and Eilat. These areas provided good revenue for the kibbutzim in the Eilot area, as well as for the municipalities of Eilat and Rosh HaNikra. They also gave rise to additional industries in security and cleanliness. Currently, there are only 10,000 cars in the port, and the port administration plans to move them to port areas in order to save on the costs of renting storage areas.
The paralysis of the port of Eilat has affected several economic groups operating in transportation, such as a group called “Taabora,” which until the outbreak of the war operated an active line of hundreds of trucks crossing the border weekly, carrying cars from the port of Eilat to the center. It controlled 70% of car transportation from the port and generated revenues of approximately 3 million shekels per month. Now, their revenues from all activities in the south have decreased by half, as the number of cars the company transports to the port has significantly declined since February of this year.
Read also: Major maritime shipping companies reveal the extent of the impact of the fourth phase of Yemeni operations.
Gholber stated in an interview with the Globes newspaper in early June that the economic paralysis in Eilat “is not the fault of the port but the fault of the weakness of the coalition countries in dealing with the Houthis.” This issue cannot be ignored despite the war, but there are no solutions, so I am not ashamed to tell customers to pay the Houthis $100,000 to cross the Bab Al-Mandeb Strait, and I will participate in the financing. I do not sleep at night, and if we have to pay the Egyptians to cross the Suez Canal or the Houthis to cross the Bab Al-Mandeb Strait, that is what must be done.
Gholber had previously stated to the Israeli Calcalist website on April 23 that the port was losing between 6 and 10 million shekels per month due to the cessation of its activities, and there is no hope of recovering this activity. Shipping companies are not willing to trust the coalition countries, and no one is willing to take risks. Additionally, insurance prices are high.
Container shipping price increases:According to the Israeli economic website Globes, the cost of transporting a single container from East Asia to the Israeli ports in occupied Palestine was $1,490 on the eve of the war. In January 2024, it increased to at least $6,773, which is 3.5 times the pre-war level.
Marine insurance prices have also increased to 1% of the ship’s value, and insurance companies have refused to accept requests for insurance on American, Israeli, and British ships.
In a report published in early May, the website stated that companies such as Tnuva, Tara, and Strauss announced price increases for hundreds of dairy products. in addition to price increases for Sunfrost, Coca-Cola, Naviot, Tirat Zvi, and Ednat. For most of these products, this is the second price increase within a year. Therefore, three of the largest food companies in Israel have joined dozens of companies that will raise the prices of thousands of products, and the blow to the pocket is inevitable, and the damage has reached every home in Israel.
The price increase affected all the basic needs of the household food basket.
According to the Hebrew website Globes, this increase is also due to a sharp 200% increase in “war risk surcharges,” which now amount to 40% of the shipment’s value. The increase is in line with similar increases recorded in the prices of vehicles transported on “Ro-Ro” ships coming from the East since the beginning of the Red Sea attacks. The automotive industry estimates that the final price increase is expected to be around 800 shekels per private vehicle, which is also subject to a vehicle purchase tax. According to the announcement, the war risk surcharge also applies to all types of goods exported from Israel. The industry states that the main meaning, other than the price increase, is that shipping companies from Europe may now avoid docking at Israeli ports.
The website added that since the beginning of the attacks in the Red Sea, many shipping companies, including those specializing in vehicle transportation, have started to avoid crossing the Suez Canal and instead send their ships on the long route around Africa. Most car shipments coming from the East and heading to Israel have been unloaded in Europe and transported from there by shipping companies within Europe, such as Grimaldi. Thus, the additional price increase will also apply to vehicles imported from the East and will be added to the “regular” rate increases from the East. Additionally, Grimaldi is also one of the leading companies in transporting vehicles manufactured in Europe to Israel, including popular Korean models.
Losses that can’t be sustained for the Israeli Potash Company:The Israeli entity is a leader in potash export, and in March 2022, ICL, the Israeli chemical company, signed a five-year agreement with Indian fertilizer importer IPL. According to the agreement, ICL would supply IPL with 600,000 tons of potash ...
مشاهدة initial inventory of the yemeni front rsquo s impacts on the israeli economy
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